Strategic Nevada Resources Corp.

Strategic Nevada Resources Corp.

December 15, 2006 12:14 ET

CORRECTION: Strategic Nevada Resources Wins Auction to Acquire the Historic Crescent Silver Mine in Coeur D'Alene Mining District/The Silver Valley-Idaho

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 15, 2006) - The following corrects and replaces the release dated December 12, 2006, wherein the stock symbol was listed incorrectly. The corrected release follows.

Strategic Nevada Resources Corp. (the "Company") (TSX VENTURE:SNS) is pleased to announce that it has acquired the right, at public auction, for US$650,000 to purchase 100% of the Crescent Mine in the Coeur d'Alene Mining District in Shoshone County, Idaho.

The Company has put down a 5% deposit with the Shoshone County, and the Company now has twenty days to complete its due diligence and close the transaction on Jan 2nd 2007. Upon completion of the transaction the Company will acquire 24 patented mining claims covering approximately 350 acres together with surface rights to approximately 15 acres.

The Crescent Mine has been owned by Shoshone County, Idaho and the U.S. Environmental Protection Agency since the early 1990's.

The Crescent Mine is a past-producing high-grade silver mine, located just east of Kellogg, Idaho in the Coeur d'Alene mining district in Idaho. Mining has been carried out in this district for more than 100 years; it is the only known mining district in North America to have produced over 1.1 billion ounces of silver in the last 100 years (source: Idaho Geological Survey Bulletin #28,1989).

The Crescent Mine is reported to have produced over 25 million ounces of silver, from 1917-1981. According to a Bunker Hill geological staff report, produced on Jan 1st, 1982, production totaled 978,750 tons averaging 27 ounces per ton, recovered silver was 25,139,655 ounces.

The Crescent Mine is strategically located between two world-class ore bodies. Adjoining the Crescent Mine on the east side is the world famous Sunshine Mine, one of the richest silver mines in the world. The Sunshine has produced over 325 million ounces of silver, 71,000 tons of lead, 50,000 tons of copper and 37,500 tons of antimony. Bordering the Crescent Mine property on the west is the Bunker Hill Mine with a production history of 3,119,121 tons of lead, 161,384,305 ounces of silver and 1,311,266 tons of zinc.

History of The Crescent Mine

Development work began on the Upper Crescent Mine at the turn of the century. By 1917, the mine had begun producing ore from along the Alhambra fault.

In the summer of 1943, the Crescent Mine was closed. The Bunker Hill Company reopened the mine in 1951, and by June of 1954 the Ellis (No. 1) shaft had been sunk from the 1,200 level to the 3,100 level. By the end of March, 1963 the stopes developed between the 3,000 and 2,500 level had produced in excess of 3.5 million ounces of silver.

Total proven, probable and projected ore calculated in 1983 by Don Springer, an independent consulting geologist, prior to the Crescent Mine's final shutdown was 396,500 tons of ore with an average grade of 27.3 ounces per ton silver for a total resource of 9,395,380 ounces of silver.


The Coeur d'Alene District is underlain by members of the Precambrian belt super-group rock formations, which in the area of the mine are, in descending order, the Wallace, St. Regis, and Revett Formations. This super-group extends east-westerly for many miles and hosts the numerous mines that have made the District one of the major silver, lead-zinc producing areas in the world and the premier silver district in North America. Within the Coeur d'Alene Mining district, the largest silver producing mines have in the last 50 years been located to the east of the Bunker Hill mine. These include the Crescent, Sunshine, Silver Summit, Coeur, Galena, and Lucky Friday extending east-west about 12 miles. This string of properties is called "The Silver Belt", or, "The Silver Valley".

Most ore occurrences in the Silver Belt are located in an area defined by generally east-west trending structures; the Polaris Fault on the north and the Big Creek fault along the south portion of the Silver Belt. A prominent major fold, the Big Creek anticline, has been traced throughout the length of the Silver Belt area. In the Crescent Mine the Big Creek anticline is a major structure composed on two known folds. The Alhambra and Syndicate faults occur in the folds and are associated with ore occurrences in the Crescent and Sunshine Mines (source: report entitled, Geology of the Crescent mine By Norman Radford April 12, 1973).

A significant number of veins are present in the Crescent, including the East Footwall, Hook, South, Lead, Steep Lead, Gray Copper, Parker, North, Chalchopyrite, Paramount, Wolverine, and Butler veins. Most production has occurred from the East Footwall, Hook and South veins.

Potential Geology

The property is underlain, by the most favourable conditions in the Coeur d'Alene district to yield ore discoveries. A combination of structures and favourable lithology at the contact of the St. Regis and Revett formations indicate potential for high-grade ore occurrences in portions of the mine that are still relatively unexplored and developed. The majority of ores in the Silver Belt occur in similar geographical areas.

The Company believes that there is near term mining potential for the Crescent Mine. Significant mining, milling and processing infrastructure are all located nearby as well there are reliable sources of power and water.

Mr. Neil Linder, President of Strategic Nevada Resources, is quoted as saying, "We are absolutely thrilled to have acquired one of the last great historic silver resources in what is probably North Americas most historically prolific Silver districts. The Crescent mine is also surrounded by two of the greatest silver mines in the world, the Sunshine Mine and the Bunker Hill mine."

All resource estimates and previous production data quoted herein are based on data and reports obtained and prepared by previous operators and independent contractors. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates and is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Crescent Mine will require considerable further evaluation which the Company's management and consultants are in the process of completing.

On Behalf of The Board of Directors

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

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